Vinamilk sales and profits growing

Vinamilk sales and profits growing

Vinamilk, Vietnam's largest dairy group, has booked an increase in third-quarter sales and earnings.

The company posted net profit of VND2.14trn (US$96.3m) for the three months to the end of September, up from VND1.38bn a year earlier. Net operating profit stood at VND2.55trn, versus VND1.73bn in the third quarter of 2014.

Vinamilk's revenue reached VND10.58trn, up 20.2% on the corresponding period a year ago.

Earlier this month, it emerged the Vietnamese government is looking to offload its stake in Vinamilk as part of a number of disposals of state investments in businesses.

Vietnam's sovereign fund State Capital Investment Corporation, through which the state holds the shares, is to set out plans for sale of stakes in ten companies.

The SCIC has a 45.1% stake in publicly-listed Vinamilk, one of the five largest privately-owned businesses in the country. Singapore group Fraser and Neave is the second-largest shareholder in Vinamilk, with a 9.5% stake.